Homepossiable vs. Homeready

[Randy Wiley]

Today my wife and I found these two other ways for getting a loan for rentals. My question is has anyone else used either of the two to get off the ground? Was it helpful? Any insight will be very appreciated thanks.

[Chris Mason]

Both are for owner occupants only, not for investment properties. 

Until July 2019, EITHER the income tract OR the borrower had to be low income. So I was putting $300k/yr Silicon Valley software engineers into this "low income" program on 2-4 unit properties, since like 80% of Oakland, etc, was "low income" census tracts. :)

As of now, the borrower must be low income relative to that census tract. In my market, the SF Bay Area, that basically killed both programs... if you make enough to qualify for a mortgage in the amount needed, you're over the income limit for that census tract. Guess word got out about my (and others') software engineers (or other regionally high income professions). Whoops.

Basically that just means we pivoted to FHA for this use-case (medium to high income, low down payment, 2-4 unit, owner occ "house hackers") and have been focused on getting really good/fast at it.